Bill > HB219

This bill creates a new tax credit for businesses that invest in career and technical education (CTE) infrastructure and programs in Alaska. The legislation allows corporations to apply for a tax credit for qualifying expenditures, which include constructing or maintaining fabrication labs, CTE infrastructure, administration costs, instructor salaries, curriculum development, and student housing. Businesses can claim credits up to their total tax liability, with any unused credits able to be sold, traded, or transferred to other tax years at 80% of their original value. Importantly, companies cannot claim this credit for the same expenses they might have previously claimed under another education tax credit. The bill's underlying intent is to encourage private sector investment in workforce development by providing financial incentives for businesses to support CTE facilities and training programs, with the goal of expanding educational opportunities more efficiently than through public funding alone. The tax credit applies to corporations subject to Alaska state taxes for tax years beginning on or after the bill's effective date, which is immediately upon passage.

Business and Industry

https://www.akleg.gov/basis/Bill/Detail/34?Root=HB219